10 Steps to Retiring Young

6) Keep it Simple

One problem many people face early in their lives is diversifying too much too quickly. This might mean “collecting” bank accounts, trying to manage three or more small businesses, or having too many investment strategies. While diversification is a good thing, diversifying too much too quickly not only makes managing your life more difficult, but the more difficult it is, the less ground you gain.

Keeping it simple means keep one personal checking and savings account. If you own a small business, you may want one checking and savings account for that business. For your investments, it is possible to manage most of your investments through one broker, or through one site or bank. A bank such as Capital One allows you to manage all of your banking and portfolio in one place.

For someone just starting out, this can help keep life much simpler than opening several accounts and trying to manage each one separately.